If you use a home office to run a business, either as an administrative office or as a place in which to make, assemble, or prepare items that you sell, you may be able to deduct part of your housing expenses (such as rent or utilities) on your federal income tax return.
For those in the U.S. military, the government offers the Thrift Savings Plan, as a retirement savings vehicle. For those with more than 20 years of active duty service, the government offers between 40-50% of his pay for the rest of the veteran’s life.
It is March 2012, but you still have an opportunity to alter the outcome of your 2011 tax return. Learn more in this week’s Tax Tip.
You might be a homeowner, but how you legally own your home affects who receives it after your death. Read more in this Financial Tip.
The “Money Talks” hosts discuss the Dow’s closing above the psychologically important 13,000 level during the week.
Ted Parrish, CFA, answers listeners’ questions on Lincoln National, MetLife and Apple.
Tax expert Dan DiLuzio, C.P.A. joins “Money Talks” to discuss some of the commonly overlooked tax deductions.
Your selection of a filing status for a given year will depend on your marital status as of the last day of your tax year (usually December 31). Depending on your situation, you may or may not have a choice regarding your filing status.
Taxpayers filed 140.5 million returns for 2009. Of those, nearly 82 million were taxable. Read more in the IRS bulletin.
Your FICA taxes are’nt going up! Congress extended the 2% reduction through the end of 2012. Read more in this Tax Tip.